Buying a car with a traditional loan usually offers the lowest overall cost over the long term, especially if you keep it debt-free afterward.
Almost half of new electric vehicles were acquired through leases, a notable increase, as these deal structures make EVs more affordable due to tax breaks.
The Federal Reserve's rate cut indirectly affects auto loan rates, with current averages at 7.1% for new cars and 11.3% for used cars.
With high average transaction prices for new and used cars, most buyers rely on financing options for their vehicle purchases.
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